RSS Content

COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 4, 2017--
Washington Prime Group Inc. (NYSE: WPG) today announced senior
management changes including the promotion of several key positions, as
well as the resignation of Butch Knerr, Executive Vice President and
Chief Operating Officer.

Lou Conforti, CEO and Director stated: “We appreciate all of Butch’s
previous and transitioning efforts especially as it relates to his
assistance in developing an infrastructure whereby we are able to
seamlessly promote those who are ready, willing and able to expand their
leadership roles. As it is our continued objective to streamline the
organization and improve corporate efficacy, we will not be replacing
the Chief Operating Officer position.

“I am pleased to announce the following promotions: Paul Ajdaharian to
Executive Vice President, Head of Open Air Leasing; Greg Zimmerman,
Executive Vice President, Development, will continue to lead
Development, with the addition of Construction and Restaurant Leasing;
Armand Mastropietro to Executive Vice President, Property Management;
and Josh Lindimore to Senior Vice President, Head of Leasing. In
addition, Lauren Kelly and Amy Jonas have been promoted to Senior Vice
Presidents within the leasing team, as has Kurt Palmer who leads our
sponsorship and specialty leasing efforts.

“These promotions and organizational streamlining illustrate our
dedication to grinding it out via enhanced real-time decision making,
improved operating efficiencies and a commitment to new initiatives and
innovation, all of which better serve our tenants and guests.”

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in
the ownership, management, acquisition and development of retail
properties. The Company combines a national real estate portfolio with
an investment grade balance sheet, leveraging its expertise across the
entire shopping center sector to increase cash flow through rigorous
management of assets and provide new opportunities to retailers looking
for growth throughout the U.S. A trademark application has been filed
with the U.S. Patent and Trademark Office for the name “Washington Prime
Group” and is currently pending. Learn more at www.washingtonprime.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 which
represent the current expectations and beliefs of management of
Washington Prime Group Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and other
future events and their potential effects on WPG, including, but not
limited to, statements relating to anticipated financial and operating
results, the company’s plans, objectives, expectations and intentions,
cost savings and other statements, including words such as “anticipate,”
“believe,” “confident,” “plan,” “estimate,” “expect,” “intend,” “will,”
“should,” “may,” and other similar expressions. Such statements are
based upon the current beliefs and expectations of WPG’s management, and
involve known and unknown risks, uncertainties, and other factors which
may cause the actual results, performance, or achievements of WPG to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, without limitation: changes in asset quality and credit risk;
ability to sustain revenue and earnings growth; changes in political,
economic or market conditions generally and the real estate and capital
markets specifically; the impact of increased competition; the
availability of capital and financing; tenant or joint venture
partner(s) bankruptcies; the failure to increase mall store occupancy
and same-mall operating income; risks associated with the acquisition,
development, expansion, leasing and management of properties; changes in
market rental rates; trends in the retail industry; relationships with
anchor tenants; risks relating to joint venture properties; costs of
common area maintenance; competitive market forces; the level and
volatility of interest rates; the rate of revenue increases as compared
to expense increases; the financial stability of tenants within the
retail industry; the restrictions in current financing arrangements or
the failure to comply with such arrangements; the liquidity of real
estate investments; the impact of changes to tax legislation and WPG’s
tax positions; failure to qualify as a real estate investment trust; the
failure to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or the
ability to pay dividends on common shares or other securities; possible
restrictions on the ability to operate or dispose of any partially-owned
properties; the failure to achieve earnings/funds from operations
targets or estimates; the failure to achieve projected returns or yields
on development and investment properties (including joint ventures);
expected gains on debt extinguishment; changes in generally accepted
accounting principles or interpretations thereof; terrorist activities
and international hostilities; the unfavorable resolution of legal
proceedings; the impact of future acquisitions and divestitures; assets
that may be subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including those
detailed from time to time in WPG’s statements and periodic reports
filed with the Securities and Exchange Commission, including those
described under “Risk Factors”. The forward-looking statements in this
communication are qualified by these risk factors. Each statement speaks
only as of the date of this press release and WPG undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent events or circumstances. Actual results may differ materially
from current projections, expectations, and plans, if any. Investors,
potential investors and others should give careful consideration to
these risks and uncertainties.